Gold has bounced back strongly from six-week lows on global growth worries, forming a bullish hammer on the weekly chart.
As of writing, the yellow metal is trading at $1,300, representing 0.45 percent gain on a weekly basis.
A bounce from lows near $1,280 was overdue as technical charts were reporting bearish exhaustion in Asian session today and the case for a corrective rally to $1,300 was bolstered further by risk aversion.
The European Central Bank (ECB) kept rates unchanged on Thursday but pushed out rate hike to 2020. The central bank also revised growth forecasts lower and announced new loans for banks.


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